According to media reports, Ethena completed a new funding round on August 1, 2025, raising $10 million. The round was led by ArkStream Capital. Following this financing, Ethena’s total capital raised has reached $146.5 million.Ethena is developing derivatives infrastructure that utilizes delta-neutral positions on stETH to transform Ethereum into a global internet bond, thereby creating USDE, the first yield-bearing stablecoin native to crypto. Since 2023, the project has experienced rapid growth and completed multiple funding rounds. Notably, Ethena launched its mainnet in February 2024 and subsequently listed its ENA token on several major exchanges. In March 2025, Ethena Labs also announced a partnership with Securitize to launch Converge, an EVM-compatible blockchain, further expanding its ecosystem.Ethena’s innovative model in the stablecoin sector has garnered significant attention. In early 2025, an Aave governance proposal recommending the pegging of Ethena’s USDe to USDT sparked community discussions regarding potential conflicts of interest, highlighting the complexity and ongoing need for innovation in the stablecoin market. As demand for stable and reliable stablecoins continues to grow within the crypto market, Ethena’s development may offer new solutions to the industry.